What is the statutory audit timeline for a listed company in India?

A listed company in India follows a rolling quarterly audit cadence under SEBI LODR Regulation 33. Limited reviews for Q1, Q2, and Q3 must be completed and the results filed with stock exchanges within 45 days of each quarter end - i.e. 14 August, 14 November, and 14 February respectively for a 31 March year-end. The Q4 along with full-year audited results must be filed within 60 days of FY end (by 30 May). Form AOC-4 XBRL is filed within 30 days of AGM and Form MGT-7 within 60 days.

Is auditor rotation mandatory for listed companies?

Yes. Under Section 139(2) of the Companies Act 2013 read with Rule 5 of the Companies (Audit and Auditors) Rules 2014, an individual auditor cannot serve a listed company for more than 5 consecutive years, and an audit firm cannot serve for more than 10 consecutive years. A 5-year cooling-off period applies before the same auditor can be reappointed. The rule applies to every listed company regardless of size.

What is SEBI LODR Regulation 33?

SEBI Listing Obligations and Disclosure Requirements Regulations 2015, Regulation 33, governs the filing of financial results by listed entities with stock exchanges. Regulation 33(3) prescribes the timelines - quarterly limited-reviewed results within 45 days of quarter end and audited annual results within 60 days of FY end. Regulation 33(8) extends the parent auditor responsibility to conducting limited review of audit of entities consolidated under AS 21 or Ind AS 110.

What are Key Audit Matters (KAM) under SA 701?

Key Audit Matters are those matters that, in the auditor professional judgement, were of most significance in the audit of the financial statements of the current period. Under ICAI Standard on Auditing 701, KAMs are mandatory in the audit report of every listed entity in India. KAMs are selected from matters communicated with those charged with governance and typically relate to significant risks, areas of management judgement, or significant events during the period.

Does NFRA regulate auditors of listed companies?

Yes. Under Section 132 of the Companies Act 2013 read with the National Financial Reporting Authority Rules 2018, listed companies are Public Interest Entities. Auditors of PIEs are subject to NFRA jurisdiction including registration, inspection, investigation, and disciplinary action. Auditors must file Form NFRA-1 first-time intimation and Form NFRA-2 annual return by 30 November each year. NFRA may impose penalties up to Rs 10 lakh on individual CAs and 10 times the audit fee on firms.

Are quarterly results of listed companies audited?

Q1, Q2, and Q3 quarterly results undergo a Limited Review under ICAI Standard on Review Engagements SRE 2410, which is less intensive than a full audit. The auditor expresses a conclusion of negative assurance - whether anything has come to attention indicating that the results are not prepared in accordance with the applicable financial reporting framework. Q4 results, however, are part of the full-year audit and are therefore audited under Standards on Auditing.

What is the audit committee composition for a listed company?

Under Section 177 of the Companies Act 2013 read with SEBI LODR Regulation 18, every listed company must have an Audit Committee with at least 3 directors as members, two-thirds of whom must be independent directors. All members must be financially literate and at least one member must have accounting or related financial management expertise. The Audit Committee recommends auditor appointment, reviews findings, approves related party transactions under Regulation 23, and oversees vigil mechanism.

What is the penalty for audit defaults in a listed company?

Under Section 147 of the Companies Act 2013, audit defaults attract penalty of Rs 25,000 to Rs 5,00,000 on the company plus officer fines of Rs 10,000 to Rs 1,00,000 and potential imprisonment up to 1 year. In addition, listed companies face SEBI adjudication for LODR violations, stock exchange action including suspension of trading under SEBI SOP dated 22 January 2020, and NFRA disciplinary action against the auditor with penalties up to Rs 10 lakh on individuals and 10 times the audit fee on firms.

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Statutory Audit for Listed Companies in India 2026

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Documents: Standalone and Consolidated Ind AS financials, audit committee minutes, NFRA-2, ADT-1, AOC-4 XBRL, MGT-7, subsidiary audit reports, KAM working papers

Fees: Patron listed company audit starts at Rs 5,00,000 per year covering quarterly reviews, annual audit and Regulation 33 reporting

Eligibility: Every Indian company with equity or convertible securities listed on BSE, NSE mainboard or SME platform; debt-listed entities; INVITs and REITs

Timeline: Quarterly limited review within 45 days; annual audited Q4 results within 60 days of FY end; AOC-4 XBRL within 30 days of AGM

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Hear how teams across industries use Patron to save time, cut costs, & stay in control.

“

Patron took over our statutory audit in the second year after our SME platform listing. They restructured the quarterly review cadence so we met the 45-day deadline cleanly for the first time, drafted KAM language that the Audit Committee was comfortable with, and filed NFRA-2 well within the deadline.

CFO

BSE SME-listed Services Co, Mumbai

★★★★★

2 months ago

“

We were heading into IPO with our prior auditor working papers in mixed shape. Patron pre-IPO audit team re-did three years of restated financials to Ind AS standards, supported the merchant banker through DRHP queries, and transitioned us cleanly to the listed-company audit regime. Listed in 7 months.

Founder

Mainboard Manufacturing, Pune

★★★★★

3 months ago

“

After 9 years of Big-4 audit our company faced mandatory rotation. Patron was selected after Audit Committee process; the first cycle ran with full KAM, CARO, IFC, and Regulation 33(8) subsidiary coordination across 4 subs. Audited annual results delivered within 58 days.

Audit Committee Chair

Mainboard Chemicals Co, Mumbai

★★★★★

1 month ago

“

Section 143(12) fraud reporting threshold was always a grey area for us with three small operational incidents. Patron applied the decision tree with running aggregation and Audit Committee briefings; clean reporting trail without any Central Government filing needed for the year.

CFO

NSE Emerge-listed Tech, Bangalore

★★★★★

4 months ago

“

Regulation 33(8) subsidiary coordination across 7 subsidiaries (2 foreign) was the recurring pain point. Patron standardised component auditor questionnaires, audit instructions, and review timetables - subsidiary review reports came in on time for the parent consolidated audit.

Group Finance Controller

Mainboard Pharma, Delhi

★★★★★

5 months ago

“

SEBI LODR Third Amendment 2024 disclosure pack was the new requirement at our AGM auditor appointment. Patron pre-prepared the 11-head disclosure pack with partner sign-offs; Audit Committee tabling went through without queries. Now using the template across the group.

Company Secretary

Mainboard Financial Services, Gurugram

★★★★★

6 months ago

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Overview What It Covers Who Needs It Patron Services 6-Step Process Documents Common Challenges Fees Audit Calendar Why Patron Listed vs Unlisted FAQs

Statutory Audit for Listed Companies: A Snapshot

📌 TL;DR - Listed Company Audit Services at a Glance

Listed company audit in India follows a four-regulator framework. The Companies Act 2013 (Sections 132, 139, 143, 177) defines the audit obligation, auditor rotation, and audit committee. SEBI LODR Regulations 2015 (Regulation 33) mandates quarterly limited reviews within 45 days and audited annual results within 60 days. NFRA Rules 2018 place listed-company auditors under direct National Financial Reporting Authority oversight with Form NFRA-1 and NFRA-2 filing obligations. ICAI Standards on Auditing (especially SA 701 Key Audit Matters) govern the audit report. CARO 2020, IFC reporting under Section 143(3)(i), Ind AS, and XBRL filing all apply without small-company exemptions.

Quick-Reference Summary Table

Parameter	Value
Governing Framework	Companies Act 2013, SEBI LODR Regulations 2015, NFRA Rules 2018, ICAI Standards on Auditing
Auditor Eligibility	Practicing CA or CA firm; Section 141 ineligibility checks; NFRA registration required for PIE audits
Auditor Rotation	Individual 5 years max; firm 10 years max; 5-year cooling-off (Section 139(2) + Rule 5)
Quarterly Cadence	Q1, Q2, Q3 limited review within 45 days of quarter end; Q4 audited within 60 days of FY end (Regulation 33)
Audit Committee	Mandatory under Section 177 + SEBI LODR Regulation 18; at least 3 members; 2/3 independent; financially literate
Patron Audit Fee	Rs 5,00,000 to Rs 50,00,000 per year depending on size, subsidiaries, listing platform
Key Audit Matters	Mandatory disclosure under SA 701; communicated in auditor report
Authority	MCA, SEBI, NFRA, NCLT, ICAI, BSE, NSE

India has over 5,000 listed companies across BSE and NSE mainboard and SME platforms. Every one of them faces the same four-regulator audit framework regardless of size - the SME platform listed company with Rs 20 crore turnover follows the same Regulation 33 quarterly cadence as a mainboard large-cap.

Patron Accounting brings audit-team experience across these platforms with NFRA-aware audit working papers, KAM drafting practice, and quarterly review cadence that listed Audit Committees rely on. Statutory auditors of listed entities must file Form NFRA-1 first-time intimation and Form NFRA-2 annual return; NFRA can inspect, investigate, and impose penalties up to Rs 10 lakh on individual CAs and 10 times the audit fee on firms, plus debarment of up to 10 years.

Content is reviewed quarterly for accuracy.

What Is Listed Company Statutory Audit?

Listed company statutory audit is the annual examination of standalone and consolidated financial statements of an Indian company whose equity, convertible securities, or debt securities are listed on a recognised stock exchange, conducted under Section 139 of the Companies Act 2013, with quarterly limited reviews under SEBI LODR Regulation 33, by a Chartered Accountant or audit firm registered with NFRA, in accordance with ICAI Standards on Auditing including SA 701 Key Audit Matters.

Listed company audit differs structurally from private limited company audit in five key dimensions. First, it runs on a quarterly cadence (Q1-Q3 limited reviews under SRE 2410 plus Q4 full audit under SAs) rather than a single annual audit. Second, the auditor must be NFRA-registered because listed companies are Public Interest Entities under NFRA Rules 2018. Third, the auditor report must include Key Audit Matters under SA 701 - matters of most significance in the current period audit. Source: National Financial Reporting Authority (NFRA).

Fourth, mandatory rotation under Section 139(2) + Rule 5 forces a change in auditor after specified terms - 5 years for individuals, 10 years for firms, with 5-year cooling-off. Fifth, Regulation 33(8) extends the parent auditor review obligation to all subsidiaries consolidated under AS 21 or Ind AS 110, requiring formal procedures to rely on subsidiary auditors under SA 600.

Key Terms for Listed Company Audit:

Public Interest Entity (PIE): Defined under NFRA Rules 2018; includes listed companies and certain unlisted companies above thresholds; auditors of PIEs are subject to NFRA jurisdiction including inspection, investigation, and disciplinary action.

NFRA Rules 2018: National Financial Reporting Authority Rules notified under Section 132 of the Companies Act 2013; auditors of listed entities and large unlisted PIEs must file Form NFRA-1 first-time intimation and Form NFRA-2 annual return.

SEBI LODR Regulation 33: Listing Obligations and Disclosure Requirements Regulations 2015; quarterly financial results within 45 days, audited annual within 60 days, statutory auditor limited review for consolidated under Reg 33(8).

Key Audit Matters (KAM): Matters that, in the auditor professional judgement, were of most significance in the audit; reported in a separate section of the audit report under SA 701; mandatory for listed entities.

Mandatory Auditor Rotation: Section 139(2) read with Rule 5 of the Companies (Audit and Auditors) Rules 2014; individual auditor cannot exceed 5 consecutive years; audit firm cannot exceed 10 consecutive years; 5-year cooling-off applies.

Internal Financial Controls (IFC): Auditor opinion under Section 143(3)(i) on adequacy and operating effectiveness of internal financial controls; mandatory for listed companies with no small-company exemption.

CARO 2020: Companies (Auditor Report) Order 2020 with 21 reporting clauses; applies in full to listed companies under Section 143(11); no exemption available.

Section 143(12): Auditor mandatory fraud reporting obligation; frauds above Rs 1 crore reported to Central Government within prescribed time; frauds below Rs 1 crore reported to Audit Committee.

Quad-Regulator Framework Companies Act + SEBI LODR + NFRA + ICAI SAs

Who Needs Listed Company Statutory Audit

The listed company statutory audit regime applies to every Indian company with specified securities listed on a recognised stock exchange. The audit framework varies in intensity by listing platform but the core obligations are common.

Listed Entity Type	Examples	Audit Layers
BSE and NSE mainboard listed	Large-cap, mid-cap and small-cap mainboard companies	Full SEBI LODR + Companies Act + NFRA + KAM framework + Regulation 33(8) subsidiary review
BSE SME listed	Companies on BSE SME platform; post-listing migration to mainboard route	Same framework; reduced thresholds for some regulations; quarterly cadence and NFRA jurisdiction apply
NSE Emerge listed	Companies on NSE Emerge SME platform	SEBI LODR + Section 139 audit + NFRA filings + KAM + CARO + IFC
Debt-listed companies	Non-convertible debentures (NCDs), NCRPS listed on stock exchange	Subset of LODR provisions; Section 139 audit; CARO; IFC; NFRA jurisdiction applies
INVITs and REITs	Infrastructure Investment Trusts, Real Estate Investment Trusts	Separate audit framework under SEBI Investment Trusts Regulations; NFRA jurisdiction
Foreign companies with Indian listing	IDRs and dual-listed entities	Section 380 + LODR; audit subject to Indian standards where Indian operations are listed

Listed company statutory audit components include standalone audit under Section 139 + ICAI SAs; consolidated audit under Section 129(3) for parent of group; quarterly limited review under Regulation 33 + ICAI SRE 2410 (Q1, Q2, Q3); Q4 audited along with full year audit (within 60 days of FY end); CARO 2020 reporting under Section 143(11) - all 21 clauses; Internal Financial Controls opinion under Section 143(3)(i); Key Audit Matters disclosure under SA 701; Section 143(12) fraud reporting; Regulation 33(8) subsidiary auditor coordination under SA 600; Form ADT-1 within 15 days; Form NFRA-1 first-time intimation; Form NFRA-2 annual return; Audit Committee reporting under Section 177 and Regulation 18.

Auditor eligibility requires a practicing Chartered Accountant or CA firm holding valid Certificate of Practice; not disqualified under Section 141 (no business relationship, no substantial interest, fee dependency cap); registered with NFRA for PIE audits; free of conflict of interest per SEBI LODR Third Amendment Dec 2024 enhanced disclosure; past association with the listed entity or group within prescribed thresholds disclosed.

Our Listed Company Audit Deliverables

Service	What We Do
Pre-Engagement and Audit Committee Recommendation	Audit Committee recommendation under Section 177(4) and Regulation 18(3). Disclosure pack per SEBI LODR Third Amendment 2024 covering past association, ICAI/NFRA/SEBI orders, pending proceedings, fee benchmarking, and conflict-of-interest declarations. Shareholder approval at AGM under Section 139(1). Form ADT-1 within 15 days. Form NFRA-1 first-time intimation.
Quarterly Limited Reviews (Q1, Q2, Q3)	Limited review under ICAI SRE 2410 for each of Q1, Q2, Q3 standalone and consolidated results. Limited Review Report drafted and signed within 45 days of quarter end. Engagement with Audit Committee for findings discussion. Coordination with subsidiary auditors under Regulation 33(8). XBRL filing with stock exchanges.
Annual Statutory Audit (Q4 + Full Year)	Full-scope statutory audit under Section 139 and ICAI SAs of standalone and consolidated Ind AS financial statements. Materiality determination, risk assessment, audit procedures, working papers under NFRA inspection standards. SA 701 Key Audit Matters identification and drafting. SA 600 procedures for subsidiary auditor reliance. Audited annual results filed with stock exchange within 60 days of FY end.
CARO 2020 + IFC + Fraud Reporting	CARO 2020 annexure covering all 21 clauses (fixed assets, inventory, loans, deposits, statutory dues, fraud, etc). IFC opinion under Section 143(3)(i) on design and operating effectiveness. Fraud reporting under Section 143(12) - above Rs 1 crore to Central Government with prescribed disclosures, below Rs 1 crore to Audit Committee.
NFRA Compliance	Annual Form NFRA-2 filing by audit firm with prescribed disclosures. Engagement quality control review under SQC 1. Audit file preparation to NFRA inspection standards. Response and representation if NFRA inspection or investigation initiated.
AGM and ROC Filings	Audit report and annual financial statements presented at AGM. Form AOC-4 XBRL filed within 30 days of AGM under Section 137(1). Form MGT-7 (full, not MGT-7A) within 60 days under Section 92. Statement of Impact of Audit Qualifications if applicable per Regulation 33.

Our Process

Our 6-Step Listed Company Audit Process

Patron follows a structured 6-step audit cycle anchored to provisions of the Companies Act 2013, SEBI LODR Regulations 2015, NFRA Rules 2018, and ICAI Standards on Auditing - running continuously through the FY rather than as a single year-end exercise.

Step 1

Engagement Acceptance and NFRA Filings

Engagement letter under SA 210 with Audit Committee. Verify auditor independence under Section 141 and SEBI LODR Third Amendment 2024 enhanced disclosure requirements. Confirm NFRA registration status. Issue ADT-1 within 15 days of appointment. Form NFRA-1 first-time intimation filed by audit firm within 30 days of accepting listed PIE audit.

SA 210 letter Third Amendment disclosure ADT-1 + NFRA-1

Engaged 01

Step 2

Planning, Risk Assessment and KAM Identification

Audit planning under SA 300 with materiality determination under SA 320. Risk assessment under SA 315 (Revised) covering inherent and control risks. Identification of Significant Risks. Initial KAM candidate identification under SA 701. Engagement plan with calendar dates and subsidiary coordination locked at this stage.

SA 300 + 315 SA 320 materiality KAM candidates

Planned 02

Step 3

Quarterly Limited Reviews (Q1, Q2, Q3)

Limited review of Q1 standalone and consolidated results under SRE 2410 within 45 days of 30 June (by 14 August). Repeat for Q2 (by 14 November) and Q3 (by 14 February). Limited Review Reports signed and filed with stock exchanges via XBRL. Subsidiary auditor coordination under Regulation 33(8) for consolidated review.

SRE 2410 45-day deadline Reg 33(8) subs

Q1-Q3 Filed 03

Step 4

Year-End Audit + CARO + IFC + Fraud

Full-scope audit procedures under ICAI SAs for Q4 + full FY. Substantive procedures, controls testing, sampling under SA 530. CARO 2020 procedures for all 21 clauses. IFC testing under Section 143(3)(i). Fraud risk assessment under SA 240; Section 143(12) reporting decision - above Rs 1 crore to Central Government, below Rs 1 crore to Audit Committee.

21 CARO clauses IFC opinion Fraud Sec 143(12)

Audited 04

Step 5

Audit Report, KAM and Audit Committee

Auditor report under SA 700 (Revised). Key Audit Matters section under SA 701 calibrated to Significant Risk register. Modifications under SA 705 if needed. Emphasis of Matter under SA 706. CARO 2020 annexure. IFC opinion paragraph. UDIN generation per ICAI. Audit Committee meeting under Section 177 and Regulation 18 with KAM previews and draft opinion.

SA 700 + 701 UDIN Audit Cmte

Reported 05

Step 6

Filings: AOC-4 XBRL, MGT-7, NFRA-2

Audited annual results filed with stock exchanges within 60 days of FY end per Regulation 33. Form AOC-4 XBRL within 30 days of AGM under Section 137(1). Form MGT-7 within 60 days under Section 92. Form NFRA-2 annual return by audit firm by 30 November. Engagement file archival under NFRA inspection standards. Statement of Impact of Audit Qualifications if applicable.

AOC-4 XBRL MGT-7 NFRA-2 by 30 Nov

Filed 06

Documents Checklist for Listed Company Audit

Patron requires the following documents to conduct listed company audit. Materials are categorised by audit phase - entity master, books and ledgers, board governance, subsidiary and related party, and statutory filings.

Entity Master and Listing Documents

Entity master: Certificate of Incorporation, CIN, PAN, GSTIN; listed shares ISIN; CIN listing certificate from BSE/NSE; MoA, AoA, SHA, ESOP scheme documents
Stock exchange filings: Quarterly results filings, BRSR (top 1000 listed cos), shareholding pattern, material event disclosures under Regulation 30
ICAI and NFRA: Engagement letter, independence representations, NFRA registration certificate, prior years audit working papers index

Books, Ledgers and Treasury

Books and ledgers: General ledger, trial balance, fixed asset register, inventory register, debtors and creditors aging for the full FY
Bank and treasury: Bank statements for all accounts, BRS at year-end, treasury and derivative confirmations, mutual fund statements
Statutory dues: GST returns (GSTR-1, GSTR-3B, GSTR-9), TDS returns (Form 24Q, 26Q), Income Tax filings (ITR-6, Form 3CD), ESI/PF challans, professional tax returns

Board Governance and Subsidiary

Board governance: Board minutes, Audit Committee minutes, Nomination and Remuneration Committee minutes for the FY; corporate governance certificate
Subsidiary information: Subsidiary audit reports, subsidiary auditor independence confirmations, component materiality calculations under SA 600
Related party transactions: Section 188 disclosures, Form AOC-2, Audit Committee approvals for RPTs under Regulation 23
Risk management: Risk Management Policy and Committee minutes (Regulation 21 for top 1000 listed entities); Internal Financial Controls documentation

Common Listed Company Audit Challenges and Solutions

Challenge	Impact	How Patron Accounting Solves It
Quarterly Cadence Pressure - 45 Days Is Short	Limited review of standalone and consolidated quarterly results within 45 days of quarter end leaves minimal buffer for closing-cycle delays, subsidiary returns, and Audit Committee review. Missing the 45-day deadline triggers stock exchange non-compliance recording, fines under SOP, and potential SEBI adjudication.	Patron locks in a calendarised audit plan at engagement start with subsidiary auditor coordination, pre-quarter trial balance reviews, and Audit Committee scheduling so the 45-day deadline is met without quality compromise. Limited Review Reports drafted in parallel with the closing.
SEBI LODR Third Amendment 2024 Enhanced Auditor Disclosures	The 12 December 2024 amendment introduced detailed disclosures around proposed auditor appointment - past association, ICAI/NFRA/SEBI/MCA orders, pending proceedings, fee rationale, non-audit fees percentage, and remuneration from group companies. Many companies are unprepared at the AGM appointment stage.	Patron prepares a pre-appointment disclosure pack template aligned to the Third Amendment, with sign-offs from the partner and engagement quality control reviewer ready for Audit Committee tabling. The pack covers all 11 disclosure heads per the SEBI April 2025 FAQs.
SA 701 Key Audit Matters Drafting	KAM identification, communication with Audit Committee, and drafting in the auditor report are nuanced exercises. Inadequate KAM disclosures attract NFRA inspection scrutiny - the NFRA inspection reports published on its website routinely flag KAM quality findings against listed entity auditors.	Patron uses a structured KAM identification working paper tied to Significant Risk register under SA 315. KAM drafts circulated to Audit Committee for review at pre-finalisation stage. KAM language calibrated to SA 701 illustrative wording with company-specific facts.
Regulation 33(8) Subsidiary Auditor Coordination	The parent auditor review obligation under Regulation 33(8) for all subsidiaries consolidated under AS 21 or Ind AS 110 requires formal SA 600 procedures and component auditor coordination - which can break down where subsidiary auditors are smaller firms or located in tier-2 cities. Foreign subsidiary coordination adds further complexity.	Patron uses a standardised component auditor questionnaire pack, audit instructions, review timetables, and escalation protocols built into the engagement plan. Review of subsidiary audit working papers conducted in parallel with the parent audit, not sequentially.
NFRA Inspection Readiness	NFRA publishes inspection reports of listed-entity auditors on its website. Common findings include inadequate KAM working papers, weak SA 540 estimates documentation, insufficient SA 600 component auditor reliance documentation, and gaps in Section 143(12) fraud reporting trail.	Patron audit working papers structured to withstand NFRA review under Section 132 powers. Engagement quality control review under SQC 1 with second partner sign-off on KAM, significant estimates, and Section 143(12) fraud reporting decisions before report sign-off.
Section 143(12) Fraud Reporting Threshold	The Rs 1 crore threshold separates Central Government reporting from Audit Committee reporting. Where multiple incidents aggregate above Rs 1 crore the reporting calculation is contentious. Late or incorrect Central Government reporting can trigger NFRA disciplinary action against the auditor and Section 147 penalty on the company.	Patron applies the Section 143(12) decision tree at each substantive procedure step with running aggregation. Audit Committee briefed on borderline cases for governance input. Central Government reporting filings drafted with engagement quality control review.

Listed Company Audit Fees

Fee Component	Amount
Patron Accounting Professional Fees	Starting from INR 5,00,000 per year (Exl GST and Govt. Charges)
BSE SME or NSE Emerge listed, no subsidiaries	Starting Rs 5,00,000 per year - Quarterly limited reviews + annual audit + CARO + IFC + KAM + ADT-1 + NFRA-2 + AOC-4 XBRL
Mainboard listed, 1 to 3 subsidiaries, Indian operations only	Rs 10,00,000 to Rs 25,00,000 per year - All above + consolidated audit + Regulation 33(8) subsidiary review + segment reporting + RPT framework
Mainboard listed, multiple subsidiaries, complex segments	Rs 25,00,000 to Rs 50,00,000 per year - All above + foreign subsidiary coordination + complex Ind AS treatment + BRSR Core assurance
IPO-bound or recently IPO-d company	Custom quote - Pre-IPO audit + restated financials + RHP audit support + post-IPO transition to listed regime
Government and ROC Fees	AOC-4 XBRL government fee scales by authorised share capital - typically Rs 600 to Rs 2,000. MGT-7 similar. NFRA Form NFRA-2 is no-fee. Late filing additional fee on AOC-4 is Rs 100 per day per form with no upper cap.
Section 147 Penalty Exposure	Penalty for audit default ranges from Rs 25,000 to Rs 5,00,000 on the company plus officer fines of Rs 10,000 to Rs 1,00,000 and potential imprisonment up to 1 year
NFRA Penalty Exposure	NFRA penalties up to Rs 10 lakh on individual CAs and 10 times the audit fee on firms, plus debarment of up to 10 years - prevented by NFRA-aware audit conduct

All fees and charges listed are indicative only and do not constitute a binding offer. Final amounts may vary depending on the volume of work and the complexity involved.

Professional service charges for drafting, filing, and representation are separate from the statutory fees. The exact fee depends on the complexity of the case, disputed amount, and number of hearings required. Contact us for a detailed quote.

Get a free Listed Company Audit consultation - Call +91 945 945 6700 or WhatsApp us. No-obligation assessment.

Listed Company Audit Calendar

Stage	Estimated Timeline
Auditor appointment at AGM and ADT-1 filing	ADT-1 within 15 days of AGM appointment under Section 139(1)
Form NFRA-1 first-time intimation	Within 30 days of auditor appointment by listed PIE under NFRA Rules 2018
Q1 limited review (April to June quarter)	Within 45 days of 30 June (by 14 August) under SEBI LODR Regulation 33
Q2 limited review (July to September quarter)	Within 45 days of 30 September (by 14 November) under SEBI LODR Regulation 33
Q3 limited review (October to December quarter)	Within 45 days of 31 December (by 14 February) under SEBI LODR Regulation 33
Q4 + annual audited results	Within 60 days of 31 March (by 30 May) under SEBI LODR Regulation 33
AGM under Section 96	Within 6 months of FY close (by 30 September for 31 March FY end)
Form AOC-4 XBRL	Within 30 days of AGM under Section 137(1)
Form MGT-7	Within 60 days of AGM under Section 92
Form NFRA-2 annual return by audit firm	By 30 November annually for the preceding FY
BRSR (top 1000 listed cos)	By date specified by stock exchanges; typically with annual report
Statement of Impact of Audit Qualifications	If audit qualifications exist, filed with audited annual results

Listed company audit calendars run on a rolling basis through the year. Patron locks in dates at engagement start so the listed entity, Audit Committee, and subsidiary auditors all align around the same milestones. Miss the 45-day quarterly deadline and the stock exchange records non-compliance; miss the 60-day annual deadline and the company faces SOP-based suspension of trading.

Key Benefits

Why Choose Patron for Listed Company Audit

NFRA Inspection Readiness

Audit working papers structured to withstand NFRA review under Section 132 powers. Engagement quality control review under SQC 1 with second partner sign-off on KAM, significant estimates, and Section 143(12) fraud reporting decisions before report sign-off.

SEBI LODR Compliance End-to-End

Quarterly cadence, Regulation 33 results filings, Regulation 18 audit committee reporting all aligned. SEBI LODR Third Amendment 2024 enhanced disclosure pack ready for AGM appointment.

Section 147 Penalty Avoidance

Rs 25,000 to Rs 5,00,000 on the company plus officer fines and potential imprisonment - prevented by timely and proper audit. NFRA penalties up to Rs 10 lakh on individual CAs and 10 times audit fee on firms also avoided.

Section 143(12) Fraud Reporting Accuracy

Correct reporting decision (Central Government vs Audit Committee) based on Rs 1 crore threshold. Decision tree applied at each substantive procedure step with running aggregation across incidents.

KAM Quality Aligned to Significant Risks

SA 701 disclosures aligned to Significant Risks under SA 315. Protects against NFRA quality findings. KAM drafts circulated to Audit Committee for review at pre-finalisation stage.

Audit Committee Confidence

Pre-meeting briefing notes, KAM previews, draft opinions shared in advance for governed discussion. SEBI LODR Third Amendment disclosure pack ready. Section 188 RPT framework and Regulation 23 approvals tracked.

4-Office Pan-India Network

Pune, Mumbai, Delhi, and Gurugram offices serve listed clients on BSE mainboard, BSE SME, and NSE Emerge platforms with senior partner involvement on every cycle. Subsidiary auditor coordination across tier-1 and tier-2 cities.

Stock Price Stability Through Clean Filings

Clean audit results filed on time prevent stock price volatility caused by late or qualified results. Audit Committee minutes and audit qualifications language calibrated to maintain analyst confidence.

Trusted by Listed Company CFOs and Audit Committees

10,000+ Businesses Served | 4.9 Google Rating | 50,000+ Documents Filed | 15+ Years of Practice

"Patron took over our statutory audit in the second year after our SME platform listing. They restructured the quarterly review cadence so we met the 45-day deadline cleanly for the first time, drafted KAM language that the Audit Committee was comfortable with, and filed NFRA-2 well within the deadline. NFRA inspection findings: nil."
- CFO, BSE SME-listed Services Company

"We were heading into IPO with our prior auditor working papers in mixed shape. Patron pre-IPO audit team re-did three years of restated financials to Ind AS standards, supported the merchant banker through DRHP queries, and transitioned us cleanly to the listed-company audit regime from FY post-listing. Listed in 7 months."
- Founder, Mainboard-listed Manufacturing Company

Outcome proof (anonymised): A Mumbai-headquartered group listed on BSE mainboard with 4 Indian subsidiaries had a Big-4 audit firm for the prior 9 years. Mandatory rotation under Section 139(2) required transition. Patron took over as the new auditor after Audit Committee recommendation; ran the first-cycle audit with full SA 701 KAM, CARO 2020 across 21 clauses, IFC opinion, Regulation 33(8) subsidiary coordination across 4 subs, and delivered the audited annual results within 58 days of FY end. NFRA-2 filed by 30 November. No qualifications, no adjudications, no quality review findings.

4-Office Signal: With offices in Pune, Mumbai, Delhi, and Gurugram, Patron Accounting serves listed companies across BSE and NSE mainboard, BSE SME, and NSE Emerge platforms with senior partner involvement on every audit cycle.

Listed vs Unlisted Company Statutory Audit

Audit Element	Listed Company	Unlisted Private Limited
Statutory audit under Section 139	Mandatory; NFRA-registered auditor required	Mandatory; any practicing CA
Mandatory rotation Section 139(2)	Individual 5 years, firm 10 years; 5-year cooling-off	Applies only above Rs 50 cr paid-up; small co exempt
Quarterly limited review Regulation 33	Mandatory Q1, Q2, Q3 within 45 days	Not applicable
Q4 audit and annual results filing	Within 60 days of FY end to stock exchange	Not applicable; AGM-based filing under Companies Act
Key Audit Matters SA 701	Mandatory in auditor report	Voluntary; rarely included
CARO 2020 reporting (21 clauses)	Full applicability	Exempt for small companies; threshold-based for others
IFC reporting Section 143(3)(i)	Mandatory	Exempt for small co via G.S.R. 583(E) if no AOC-4/MGT-7 default
NFRA jurisdiction	Yes - PIE under NFRA Rules 2018	Only if thresholds breached (large unlisted PIE)
Form NFRA-1 and NFRA-2	Mandatory for auditor	Only for large unlisted PIE auditors
Audit Committee Section 177 + LODR 18	Mandatory; 2/3 independent	Mandatory above Section 177 thresholds; private below threshold exempt
BRSR (top 1000 cos)	Mandatory for top 1000 listed	Not applicable
Typical audit fee range	Rs 5,00,000 to Rs 50,00,000+	Rs 12,000 to Rs 5,00,000

Related Patron Services

Listed company audit pairs naturally with several Patron service areas - covering parent audit obligations, subsidiary audit, secretarial audit, tax audit, and the auditor lifecycle (appointment, rotation, change).

Statutory Audit (Parent Hub): Parent statutory audit service across all company types with full methodology and applicability matrix
Internal Audit (Section 138): Listed companies subject to lower thresholds; Internal Financial Controls (Section 143(3)(i)) testing complements internal audit framework
Secretarial Audit (Section 204): Mandatory for every listed company - Form MR-3 by Practicing Company Secretary; complements statutory audit governance findings
Tax Audit (Section 44AB): Applies independently to listed cos above Rs 1 crore turnover (Rs 10 crore digital); coordinated with statutory audit to share workpapers
Appointment of Auditor: ADT-1 + SEBI LODR Third Amendment 2024 disclosure pack for AGM appointment
Change of Auditor: Mandatory rotation transition handling under Section 139(2); ADT-3 for casual vacancy; 5-year cooling-off compliance
Private Limited Company Compliance: Pre-IPO compliance bridge from private to listed regime; restated financials; DRHP support

Legal and Compliance Framework

Listed company audit draws legal authority from a four-regulator framework: Companies Act 2013 and Rules thereunder, SEBI LODR Regulations 2015, NFRA Rules 2018, and ICAI Standards on Auditing, as in force.

Provision	What It Says
Section 132 Companies Act 2013 + NFRA Rules 2018	Establishes the National Financial Reporting Authority; auditors of listed entities and large unlisted PIEs are under NFRA jurisdiction for inspection, investigation, and disciplinary action
Section 139(1) Companies Act 2013	Audit appointment at AGM for 5-year terms with shareholder approval
Section 139(2) + Rule 5 Companies (Audit and Auditors) Rules 2014	Mandatory rotation - individual auditor 5 years, audit firm 10 years; 5-year cooling-off period applies
Section 141 Companies Act 2013	Auditor eligibility and disqualification - no business relationship, no substantial interest, fee dependency cap
Section 143(3)(i) Companies Act 2013	Mandatory reporting on adequacy and operating effectiveness of Internal Financial Controls
Section 143(11) + CARO 2020	Companies (Auditor Report) Order 2020 - 21 reporting clauses; full applicability to listed companies
Section 143(12) Companies Act 2013	Mandatory fraud reporting - above Rs 1 crore to Central Government within prescribed time; below Rs 1 crore to Audit Committee
Section 147 Companies Act 2013	Penalty for audit defaults - Rs 25,000 to Rs 5,00,000 on company; officer fines; imprisonment up to 1 year
Section 177 Companies Act 2013	Audit Committee mandatory for listed cos; minimum 3 members; majority independent; financially literate
SEBI LODR Regulation 18	Audit Committee composition for listed entities - reinforces and extends Section 177
SEBI LODR Regulation 33	Quarterly financial results filing - Q1 to Q3 within 45 days; Q4 + annual within 60 days
SEBI LODR Regulation 33(8)	Statutory auditor of listed entity must conduct limited review of audit of entities consolidated under AS 21 or Ind AS 110
SEBI LODR (Third Amendment) Regulations 2024 dated 12 December 2024	Enhanced auditor appointment disclosures - past association, regulatory orders, pending proceedings, fee rationale, non-audit fees percentage
SEBI Master Circular dated 11 July 2023	Consolidated compliance circular for SEBI LODR Regulations including Annexure 10 procedure for limited review of consolidated results
ICAI SA 700 (Revised), 701, 705, 706, 720	Forming opinion, Key Audit Matters, modifications, emphasis of matter, other information - applicable to listed cos
ICAI SRE 2410	Review of Interim Financial Information - for quarterly limited reviews under Regulation 33

External references: National Financial Reporting Authority (NFRA) | Securities and Exchange Board of India (SEBI) | Ministry of Corporate Affairs (MCA21)

Frequently Asked Questions - Listed Company Audit

Common questions on statutory audit timelines, mandatory auditor rotation, SEBI LODR Regulation 33, Key Audit Matters under SA 701, NFRA jurisdiction, quarterly limited reviews, audit committee composition, and penalties for audit defaults.

Quick Answers

Quarterly review deadline? Within 45 days of quarter end under Regulation 33 (Q1-Q3); 60 days for Q4 + annual.

Auditor rotation rule? Individual 5 years, firm 10 years; 5-year cooling-off (Section 139(2) + Rule 5).

KAM mandatory? Yes - SA 701 mandates KAM disclosure for every listed entity audit report.

NFRA filing? Form NFRA-1 first-time and Form NFRA-2 annually by 30 November.

Fraud reporting threshold? Above Rs 1 crore to Central Government; below to Audit Committee (Section 143(12)).

CARO 2020? Full 21 clauses apply; no small co exemption.

IFC opinion? Mandatory under Section 143(3)(i); no exemption.

Patron starting fee? Rs 5,00,000 per year for SME-platform listed cos; higher for mainboard and consolidated audits.

Quarterly Cadence Is Unforgiving. Lock In the Auditor Early.

Listed company audit is unforgiving on time. Miss the 45-day quarterly deadline and the stock exchange records non-compliance; miss the 60-day annual deadline and the company faces SOP-based suspension of trading; mis-state KAM or skip IFC and NFRA inspection lands.

Auditor appointment requires Audit Committee disclosure aligned to the SEBI LODR Third Amendment 2024 - which most companies are unprepared for. Engage Patron well before the auditor appointment AGM, the start of any quarter, or the FY-end close to lock in the cadence.

Section 147 penalty of Rs 25,000 to Rs 5,00,000 on the company plus officer fines and potential imprisonment. NFRA penalties up to Rs 10 lakh on individual CAs and 10 times the audit fee on firms. Call +91 945 945 6700 or WhatsApp us. Partner CA scoping call and fixed-fee quote within 48 hours.

Quad-Regulator Framework. NFRA-Empanelled. One CA Partner.

Statutory audit of an Indian listed company is the most demanding audit engagement in the country - layered across the Companies Act 2013, SEBI LODR Regulations 2015, NFRA Rules 2018, and the full set of ICAI Standards on Auditing. The quarterly cadence under Regulation 33, the mandatory rotation under Section 139(2), the Key Audit Matters under SA 701, the IFC opinion under Section 143(3)(i), the CARO 2020 21-clause report, the fraud reporting under Section 143(12), and the NFRA filings together define a multi-track engagement that runs continuously through the FY.

Patron Accounting delivers this end to end with NFRA-registered partners, calendarised quarterly cadence, KAM working papers built to NFRA inspection standards, and Audit Committee briefings calibrated to listed-entity governance norms. Our offices in Pune, Mumbai, Delhi, and Gurugram serve listed clients on BSE mainboard, BSE SME, and NSE Emerge platforms with senior partner involvement on every cycle.

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Listed Company Audit Across India

Patron four-office network services listed companies on BSE and NSE mainboard, BSE SME, and NSE Emerge platforms with senior partner involvement on every audit cycle - including subsidiary auditor coordination across tier-1 and tier-2 cities.

Our Offices Across India

Senior partner involvement on every listed company audit cycle - quarterly reviews, annual audit, KAM, IFC, NFRA-2 - from our four offices.

Related Services

Parent audit hub plus auditor lifecycle, secretarial audit, internal audit, and pre-IPO compliance bridge

Statutory Audit (Hub)

Appointment of Auditor

India

Change of Auditor

India

Content Created: 14 May 2026 | Last Updated: 14 May 2026 | Next Review: 14 November 2026 | Reviewed By: CA & CS Team, Patron Accounting LLP

This page is reviewed every 6 months (Freshness Tier 2 - SEBI LODR amendments frequent; NFRA inspection reports rolling). Triggers for earlier review include SEBI LODR amendment, NFRA Rules update, ICAI Standards on Auditing revision, Companies Act amendment affecting Sections 132/139/143/177, CARO 2020 update, and SEBI Master Circular revisions.